警報解除?美國貨幣基金“吸金”速度放緩,銀行業顯露企穩跡象
過去一週,貨幣市場基金的資金規模攀升至新的紀錄,不過資金流入速度連續第二週放緩,這表明銀行業流動性正在企穩。根據美國投資公司協會的數據,在截至4月12日的一週內,約有303億美元流入美國貨幣市場基金,貨幣基金總規模達到歷史新高的5.28萬億美元。
貨幣市場基金近幾個月來一直在吸金,這在很大程度上是由於儲戶轉移在美國銀行賬戶里的資金。其中很大一部分資金的流出是由貨幣基金更具吸引力的利率所推動的,同時,對美國區域性銀行穩定性的擔憂在上月加劇了資金的流出。
道明證券策略師Gennadiy Goldberg表示,流入政府貨幣基金的資金放緩與銀行資金流出放緩一致,這表明過去幾周銀行體系在一定程度上企穩。
過去一週的現金流入低於前七天的491億美元淨流入,也低於最近幾周銀行體系動盪期間的淨流入規模。下週美國政府報稅的最後期限將至,屆時許多個人和企業需要動用現金儲備,這也可能對貨幣基金帶來資金流出壓力。
儘管對銀行體系狀況的擔憂最初刺激了對避險資產的需求,但風險已減弱,市場焦點已重新回到這類投資工具相對於銀行工具所能提供的更高收益率上。
自3月8日以來,總共有大約3840億美元現金涌入貨幣基金,包括最近一週的新增資金。截至4月12日當週,主要投資於國庫券、回購協議和機構債務等有價證券的政府基金資產增至4.39萬億美元,增加268億美元。可投資於商業票據等高風險資產的優質基金資產增至7690億美元,增加了33億美元。
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